Nifty 50 slips 0.61% as 40 of 50 stocks fall, volatility eases
Dish TV's quarterly loss was larger than its revenue, the sharpest company story of the day. The index is still 9.34% higher over the month.
FinMinutes Markets · built from exchange, depository and company data · every number checked against the day's facts
The session
The NIFTY 50 closed at 25,144.30, down 155.05 points or 0.61%. Only 10 of its 50 stocks rose and 40 fell, so the weakness was broad. Shriram Finance (-3.37%), Tata Motors Passenger Vehicles (-3.31%) and Grasim (-2.60%) led the losses, while Eicher Motors (+1.34%) and Hindustan Unilever (+0.96%) led the gains.
Large caps fell harder than the broader market. Nifty Next 50 lost 0.83% and Nifty Bank 0.79%, against 0.24% for Nifty Midcap 100 and 0.30% for Nifty Smallcap 250. India VIX eased 5.06% to 15.78, so the fall came with less demand for protection, not more. Over the month, in 20 sessions, the index has moved from 22,997.35 to 25,144.30, a gain of 9.34%, and today's close sits below the month's high of 25,299.35.
| Index | Level | Change |
|---|---|---|
| NIFTY 50 | 25,144.30 | −0.61% |
| Nifty Bank | 61,034.10 | −0.79% |
| Nifty Next 50 | 72,874.70 | −0.83% |
| Nifty Midcap 100 | 61,889.50 | −0.24% |
| Nifty Smallcap 250 | 17,940.55 | −0.30% |
| Nifty IT | 31,931.15 | −0.72% |
| Nifty Financial Services | 27,855.50 | −0.72% |
| India VIX | 15.78 | −5.06% |
Nifty 50: best
- Eicher Motors+1.34%
- Hindustan Unilever+0.96%
- Asian Paints+0.53%
- Bharti Airtel+0.48%
- ITC+0.33%
Nifty 50: worst
- Shriram Finance−3.37%
- Tata Motors Passenger Vehicles−3.31%
- Grasim Industries−2.60%
- Hindalco Industries−2.12%
- Adani Enterprises−1.95%
The big story
Dish TV reported a second-quarter loss of ₹295 crore, larger than its revenue of ₹292 crore. A year earlier the loss was ₹132.65 crore, so it has more than doubled.
A company that loses more than it takes in from customers has costs and charges that exceed its whole revenue line. The item does not say what drove the loss, so we cannot tell whether this is weakness in the core business or a one-off charge.
Our read is adverse. A loss of this size against revenue of this size puts real pressure on how the business funds itself. If the next quarter shows a similar gap, it would mean the problem is structural and not a single bad quarter.
Stock of the day
Turtlemint Fintech Solutions reported a second-quarter loss of ₹25.83 crore, down 67% from ₹78.45 crore a year ago. The business is losing less cash, but it is still loss-making, and the item gives no revenue or margin detail to explain the improvement.
The stock rose 4.99% against a 0.72% fall in Nifty Financial Services, a gap of 5.71 percentage points. The market agreed with our supportive read. If losses keep shrinking, the company needs less outside funding, but one quarter does not make a trend. Next quarter's loss against ₹25.83 crore, with revenue and cost trends in the full filing, will show whether it holds.
Quarterly results: Turtlemint's Q2 loss narrows 67% to ₹25.83 crore
Supportive Our read for the business meaningful
On the day. The loss of ₹25.83 crore is well below ₹78.45 crore a year ago, so the business is losing less cash. It is still a loss. The item gives no revenue or margin detail, so the cause of the improvement is unclear.
Over time. If losses keep shrinking, the company needs less outside funding and gets closer to breakeven. That depends on revenue holding up and costs staying controlled. One quarter does not show a lasting trend.
What would confirm or contradict it. Next quarter's net loss versus ₹25.83 crore, plus revenue and cost trends in the full results filing.
A read of what the news means for the business, written from the item and the company's filed numbers. Not a view on the share price.
Where the money went
India Internet (+0.67%), India New Age Consumption (+0.63%) and Total Market Momentum Quality 50 (+0.46%) did best. Midsmall Financial Services (-0.32%), the Gs 10 Yr index (-0.31%) and Midsmall Healthcare (-0.27%) did worst.
The spread between best and worst was 0.99 percentage points. That is narrow, which fits a day when the index fell because most large stocks slipped together, not because one sector was sold hard.
Market shorts: the session
SpiceJet dominated the corporate flow. Reports cite a term sheet for an investment proposal worth ₹5,000 crore and a board meeting on 18 November to consider fresh fundraising. BSE has also warned of suspension over overdue results. Paytm's units received RBI in-principle nods for prepaid wallets, and the macro items were a wider October trade deficit of $39.88 billion and the Chief Economic Advisor's remark that supply shocks may blunt rate hikes.
Dish TV Q2 loss of ₹295 crore exceeds its ₹292 crore revenue
Dish TV reported a second-quarter loss of ₹295 crore, which is larger than its revenue of ₹292 crore for the period. In the same quarter last year the loss was ₹132.65 crore. The loss has more than doubled, showing sharply weaker profitability.
SpiceJet Receives Term Sheet With Investment Proposal Worth Rs 5,000 Crore: Sources
BSE warns SpiceJet of suspension over overdue results
The exchange BSE has warned SpiceJet that it will suspend trading in the airline's shares if it does not announce its overdue results by December 7. Suspension would stop investors from buying or selling the stock on the exchange until the company complies. The warning signals a filing lapse that the company must fix.
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SC Agrotech proposes 4:5 bonus issue and 1:10 stock split
SC Agrotech shares hit a 5% upper circuit, the daily price limit, extending a sharp rally. The company proposed a 4:5 bonus issue, which gives shareholders extra shares free, and a 1:10 stock split, which cuts each share's face value. Both need shareholder approval.
Consumer regulator fines Ola Rs 10 lakh over tipping feature
The Central Consumer Protection Authority, India's consumer watchdog, fined Ola Rs 10 lakh. It found the pre-ride tipping feature misled users into thinking extra payments could get them rides faster. Ola has been ordered to discontinue the feature.
India's October trade deficit widens to $39.88 billion
India's merchandise imports hit a record $89.35 billion in October. Exports rose 45 per cent to $49.47 billion, but imports grew faster, widening the trade deficit, the gap between what the country buys and sells abroad, to $39.88 billion, a 12-month high.
Arihant Capital Markets gets SEBI nod to launch mutual fund business
Arihant Capital Markets has received approval from the market regulator SEBI to enter asset management and launch a mutual fund business. The company called the move a natural next step in its growth. The item gives no size or revenue estimate.
Chief Economic Advisor says supply shocks may blunt rate hikes
Chief Economic Advisor V Anantha Nageswaran said supply disruptions are making interest rate changes less effective against inflation. He spoke at a food systems event and said fiscal policy will play a key role in tackling such supply-driven price pressures.
Paytm gets RBI preliminary nod for prepaid payment instruments
Paytm's payments arm received initial approval from the Reserve Bank of India to operate prepaid payment instruments, such as digital wallets. Following the news, One 97 Communications shares rose past Rs 1,900 to a 52-week high. Analysts expect growth from a new merchant discount rate framework for UPI transactions.
Supportive Our read for the business meaningfulMarket agreed
On the day. An initial RBI nod to run wallets lowers a regulatory risk for the payments arm. It is not final approval. The backdrop is Q2 FY27 revenue up 28.5% and profit up 971.4% year on year. Analyst talk of UPI merchant fee gains is opinion, not company guidance.
Over time. If final approval comes, the wallet business can operate under a clear licence and support payments revenue. It matters only if the approval is finalised without heavy conditions and wallet usage turns into revenue.
What would confirm or contradict it. Final RBI approval for the payments unit, any conditions attached, and wallet-related revenue in the next quarterly results.
What the market did on 13 Nov. PAYTM +0.77% against −0.72% for the Nifty Financial Services, a gap of +1.49%.
A read of what the news means for the business, written from the item and the company's filed numbers. Not a view on the share price.
KPI Green Energy Q2 profit falls 21% as revenue rises 16%
KPI Green Energy reported a 21% drop in second-quarter net profit to Rs 92 crore. Total revenue rose 16% year on year to Rs 741 crore. Revenue growth shows sales expanded, but profit fell, so costs or other charges rose faster than income.
Paytm unit gets RBI in-principle nod for prepaid wallets
Paytm Payments Services has received in-principle authorisation from the RBI, the central bank, to issue prepaid payment instruments, including wallets. The approval is conditional, and final approval from the central bank is still needed. Prepaid instruments are stored-value accounts used for payments.
Supportive Our read for the business meaningfulMarket agreed
On the day. The RBI has given in-principle authorisation for Paytm Payments Services to issue wallets. It is conditional on final approval, so the licence risk is reduced but not removed. Strong Q2 FY27 numbers (revenue up 28.5%) already show the business running.
Over time. A final licence would give the wallet business regulatory footing and a clearer base for payments revenue. If final approval is delayed or comes with tight conditions, the benefit shrinks.
What would confirm or contradict it. RBI's final authorisation for Paytm Payments Services and any company filing on the terms or timeline.
What the market did on 13 Nov. PAYTM +0.77% against −0.72% for the Nifty Financial Services, a gap of +1.49%.
A read of what the news means for the business, written from the item and the company's filed numbers. Not a view on the share price.
Passenger vehicle dispatches hit record high for an October
Industry body SIAM reported that passenger vehicle dispatches reached the highest level ever for any October. Two-wheeler and three-wheeler sales also grew year on year in October. Dispatches are shipments from factories to dealers, a useful gauge of demand across the auto sector.
Tata Sons rejects Noel Tata's request for board meeting recording
Tata Sons has turned down a request from Noel Tata for a recording of the September 17 board meeting. The company has also defended its disclosures about TVS and Hanno. The dispute is a governance matter inside the Tata group's holding company.
India's October exports rise 29.9% to $89.99 billion
India's total exports rose 29.9 percent year on year to $89.99 billion in October. Merchandise exports reached a record $49.47 billion for a month. Imports also rose, leaving a trade deficit of $39.88 billion, which narrowed overall as services helped offset the gap.
MobiKwik gets RBI registration to run an NBFC arm
MobiKwik has received RBI registration to operate as a non-banking financial company, or NBFC, through its subsidiary MobiKwik Financial Services. The company expects operations to start within three to six months. It aims to disburse ₹5,000 crore in loans over the next three to four years.
Unnamed multibagger declares ₹20 interim dividend for FY2026-27
The company, which the item calls a multibagger but does not name, has declared an interim dividend of ₹20 per equity share for financial year 2026-27. The payout followed growth in its September-quarter earnings. An interim dividend is a part-year cash payout declared before the full year ends, reducing cash the company holds.
India's Oct merchandise trade deficit rose to one-year high of $39.88 bn
India's October Trade Deficit Widens To $39.88 Billion
Delhivery signs MoUs to deploy up to 2,000 electric vehicles
Logistics firm Delhivery has signed MoUs, which are preliminary agreements rather than binding orders, to deploy 1,500 to 2,000 electric commercial vehicles over 12 to 18 months. It plans to grow the fleet to about 5,000 units within three years. The move expands its delivery fleet and shifts it toward electric vehicles.
Supportive Our read for the business smallMuted reaction
On the day. These are MoUs, not binding orders, so little changes in the numbers yet. The plan shows intent to expand and electrify the fleet. It will be judged on how many MoUs turn into vehicles on the road. Latest revenue growth was 19.8% year on year.
Over time. If the vehicles are deployed, the fleet grows and running costs could shift toward electric. That matters only if the vehicles are well used and the economics hold. The plan also needs capital, and the item gives no cost or funding detail.
What would confirm or contradict it. Conversion of MoUs into firm orders, actual deployment counts, and any capex or cost-per-delivery comments in coming results.
What the market did on 13 Nov. DELHIVERY −0.95% against −0.61% for the NIFTY 50, a gap of −0.34%.
A read of what the news means for the business, written from the item and the company's filed numbers. Not a view on the share price.
Turtlemint's Q2 loss narrows 67% to ₹25.83 crore
Turtlemint Fintech reported a September quarter net loss of about ₹25.83 crore, down roughly 67 per cent from ₹78.45 crore a year earlier. The shares rose to the 5 per cent upper circuit, the daily price limit set by the exchange. A narrower loss means the company is losing less money than a year ago.
Supportive Our read for the business meaningfulMarket agreed
On the day. The loss of ₹25.83 crore is well below ₹78.45 crore a year ago, so the business is losing less cash. It is still a loss. The item gives no revenue or margin detail, so the cause of the improvement is unclear.
Over time. If losses keep shrinking, the company needs less outside funding and gets closer to breakeven. That depends on revenue holding up and costs staying controlled. One quarter does not show a lasting trend.
What would confirm or contradict it. Next quarter's net loss versus ₹25.83 crore, plus revenue and cost trends in the full results filing.
What the market did on 13 Nov. TURTLEMINT +4.99% against −0.72% for the Nifty Financial Services, a gap of +5.71%.
A read of what the news means for the business, written from the item and the company's filed numbers. Not a view on the share price.
Jefferies says fuel retailers still lose money on petrol and diesel
Jefferies says oil marketing companies, which sell fuel to consumers, still lose money on petrol and diesel sales, though losses have eased. Petrol losses have fallen to Rs 12 a litre and diesel losses to Rs 27 a litre. Lower Indian crude basket prices helped, while high freight rates remain a cost.
Ola Electric sees gross margin dip, operating margin gains from Q3
Ola Electric's founder Bhavish Aggarwal said the shift to a dealer-based model is expected to reduce gross margins somewhat. Operating margins, which reflect running costs, should improve meaningfully from the third quarter. Gross margin is the profit left after the direct cost of making and selling products.
Mixed Our read for the business meaningfulMarket read it the other way
On the day. Management says the move to dealers will lower gross margin somewhat but improve operating margin meaningfully from Q3. It is guidance, not results. No figures were given, so it will be judged against the Q3 numbers when they arrive.
Over time. If dealers cut running costs by more than the gross margin loss, the business gets closer to sustainable profit. That depends on dealers selling enough vehicles and on service quality holding up under the new model.
What would confirm or contradict it. Q3 results: gross margin, operating margin and vehicle volumes, compared with the management comments.
What the market did on 13 Nov. OLAELEC −3.05% against −1.07% for the Nifty Auto, a gap of −1.98%.
A read of what the news means for the business, written from the item and the company's filed numbers. Not a view on the share price.
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Risto plans 100 EV charging stations in Keralam
Risto plans to set up 100 electric vehicle charging stations in Keralam and unveiled a new logo. The company says the rollout aims to give users a smooth charging experience and support green mobility infrastructure.
US Postal Service plans 11% fuel surcharge on priority mail
The US Postal Service plans to ask for approval of an 11 percent fuel surcharge on domestic Priority Mail and package deliveries from January. The reason given is rising transportation costs. It concerns a US service rather than an Indian company.
ICICI Bank raises some credit card fees and cuts perks
ICICI Bank is raising some credit card fees from November 25 and withdrawing certain perks. From December 15, select cardholders lose complimentary travel insurance and INOX movie benefits. The changes affect what some customers pay and what they receive from their cards.
Rubber Board launches self-registration for BSNR sustainability certification
The Rubber Board has launched a self-registration facility for BSNR, a sustainability certification system. BSNR is a digital platform meant to trace natural rubber across its supply chain and check compliance at each step. The board says the aim is to raise the value of Indian natural rubber globally.
Russia's diesel exports double in October, none reach US
Russia significantly increased its diesel exports in October after a Trump and Putin agreement aimed at boosting global supplies. No additional shipments reached the US, due to sanctions concerns and buyer reluctance. Most of the diesel went to Brazil and Turkey. Experts flag ongoing refinery problems and the risk of further attacks on Russian plants.
Bajaj Auto leads auto PLI payouts in FY26, ahead of peers
Bajaj Auto received the largest production-linked incentive (PLI) payouts among auto makers in FY26, ahead of Tata Motors and Ola. PLI is a government scheme that pays companies for extra output. Its investment exceeded the five-year projection, but employment reached only 46 percent of its target.
33 of 90 items between 13 Nov 08:00 and 13 Nov 15:56 changed earnings, cash, risk, a sector or the macro picture. 55 were previews, recaps, opinion or repeats, and 2 repeated a story already here. Each short is our own summary; the link goes to the original.
Today's company reads, scored
Three of today's reads drew clear agreement. Turtlemint (supportive) rose 4.99% against Nifty Financial Services at -0.72%. Vodafone Idea (adverse) fell 3.08% against the NIFTY 50 at -0.61%. Paytm's RBI nod (supportive) lifted the stock 0.77% against Nifty Financial Services at -0.72%.
We had two misses. We read Alkem as mixed after profit fell to ₹675 crore and biotech sales dropped 37%, but the stock fell 3.55% against the NIFTY 50 at -0.61%. We read Ola Electric as mixed on revenue down 39% with a narrower loss, and the stock fell 3.05% against Nifty Auto at -1.07%. The running record is 12 reads scored: 6 agreed, 2 muted and 4 disagreed, so the market agreed in 60% of clear reactions.
| Company and news | Our read | Stock | Benchmark | Gap | Market |
|---|---|---|---|---|---|
| Turtlemint Fintech SolutionsTurtlemint's Q2 loss narrows 67% to ₹25.83 crore (during the session) | Supportive meaningful | +4.99% | −0.72%Nifty Financial Services | +5.71% | Market agreed |
| Alkem LaboratoriesAlkem profit falls to ₹675 crore as biotech sales drop 37% | Mixed meaningful | −3.55% | −0.61%NIFTY 50 | −2.94% | Market read it the other way |
| Vodafone IdeaVodafone Idea Q2 loss wider than expected, shares fall 3.5% (during the session) | Adverse meaningful | −3.08% | −0.61%NIFTY 50 | −2.47% | Market agreed |
| Ola Electric MobilityOla Electric Q2 revenue falls 39% as loss narrows (during the session) | Mixed meaningful | −3.05% | −1.07%Nifty Auto | −1.98% | Market read it the other way |
| Ola Electric MobilityOla Electric sees gross margin dip, operating margin gains from Q3 (during the session) | Mixed meaningful | −3.05% | −1.07%Nifty Auto | −1.98% | Market read it the other way |
| One 97 CommunicationsPaytm gets RBI preliminary nod for prepaid payment instruments (during the session) | Supportive meaningful | +0.77% | −0.72%Nifty Financial Services | +1.49% | Market agreed |
| One 97 CommunicationsPaytm unit gets RBI in-principle nod for prepaid wallets (during the session) | Supportive meaningful | +0.77% | −0.72%Nifty Financial Services | +1.49% | Market agreed |
| Alkem LaboratoriesAlkem shares fall 3% after Q2 results, broker keeps Neutral (during the session) | Mixed small | −3.55% | −0.61%NIFTY 50 | −2.94% | Market read it the other way |
| TVS Motor CompanyTVS Motor opens first Brazil store, targets 130,000-unit capacity by 2027 (during the session) | Supportive small | −0.11% | −1.07%Nifty Auto | +0.96% | Market agreed |
| DelhiveryDelhivery signs MoUs to deploy up to 2,000 electric vehicles (during the session) | Supportive small | −0.95% | −0.61%NIFTY 50 | −0.34% | Muted reaction |
| Godrej PropertiesGodrej Properties adds 31 acres in Indore, taking city land bank to 101 acres (during the session) | Supportive small | −1.31% | −1.39%Nifty Realty | +0.08% | Muted reaction |
| Tata Consumer ProductsTata Consumer raises tur dal prices by Rs 20 per kg (during the session) | Neutral small | −0.58% | −0.61%NIFTY 50 | +0.03% | Market agreed |
Gap: the stock's move minus its sector index (else the NIFTY 50) that session. A read counts as agreed when the gap clears 0.5% to 1% in its direction (more for a larger read); a mixed or neutral read counts as agreed when the gap stays under 1.5%.
Our record, last 1 session: 12 reads scored. The market agreed with 6, barely moved on 2 and read 4 the other way (60% of clear reactions went our way).
Still to come tonight
Fourteen companies are due to report tonight, including Eicher Motors, Grasim and Tata Motors Passenger Vehicles. The others are Belrise Industries, Bombay Burmah Trading, E.I.D. Parry, Gillette India, Jubilant Pharmova, Jupiter Wagons, NATCO Pharma, Prime Focus, Rail Vikas Nigam, Usha Martin and ZF Commercial Vehicle Control Systems India. Eicher was the best Nifty 50 performer today, while Grasim and Tata Motors Passenger Vehicles were among the weakest.
- 14 results still due: Eicher Motors Ltd., Grasim Industries Ltd., Tata Motors Passenger Vehicles Ltd., Belrise Industries Ltd., Bombay Burmah Trading Corporation Ltd., E.I.D. Parry (India) Ltd., Gillette India Ltd., Jubilant Pharmova Ltd., Jupiter Wagons Ltd., NATCO Pharma Ltd., Prime Focus Ltd., Rail Vikas Nigam Ltd., Usha Martin Ltd., ZF Commercial Vehicle Control Systems India Ltd.
The Evening Close reads tonight's results with the day's FII and DII figures.
In plain words
India VIX measures how much the market expects the NIFTY 50 to swing over the next 30 days. It is worked out from the prices of index options, so it reflects what traders are willing to pay for protection. A higher reading means traders expect larger moves, and a lower one means they expect calmer trade. It shows expected size of moves, not their direction.